Getting Your Financial House in Order for the New Year

The holidays are here. The time of year notorious for big spending. For some who don’t use credit cards most of the year, there is that tendency to dust them off and start charging; just in time to rack up finance charges into the new year.
And then there’s the new year: time to make resolutions about weight loss? Or time to recommit to saving money?
You may have heard it all before, but tips for saving money always bear repeating.
In their November 2016 article, Bankrate cites the information you need to know to perhaps find yourself in a better financial position by this time, next year.

Establish Goals

No matter your objectives for 2017, (losing 20 pounds, traveling more, consulting with a financial advisor) setting realistic goals is the first, most positive route toward achieving anything.
You don’t necessarily need fancy software to assess income vs. expenses. Review your check register, debit alerts, and your spending style to calculate where all your dough goes. Create an Excel spreadsheet or whatever tracking device is the simplest. Regardless of the tool you use, if you are not completely honest with yourself, these efforts will backfire.
Try to get your guidelines established before the new year, so you can hit the ground saving on the first of January. It psychologically makes for a fresh start and a positive, forward-thinking mindset.
Like going to the gym on a consistent basis, having someone to be accountable to is often helpful. Inspiring one another and sharing practical cost-savings tips goes a long way.

Spend Purposefully

You don’t want to live like a hermit, never enjoying dinners or long weekends away, but factor those luxuries into your budget. Never lie to yourself about what you are spending. Numbers never lie – you’d be doing yourself an injustice if you lie to yourself.
Even if you know in your heart an actual hardline budget will not work for you, give yourself a full ten minutes before spending money. Whether online or in a store, instead of submitting the items for purchase, visit another website, take a stroll around the mall – really mull the expenditure. Is it a want, a need, or if you must part with the cash, can you do additional research and find the same or similar item for less?
Make spending less of a reflex, and more of a resolute decision.

To Thine Own Self Be True

If you can’t really trust yourself to actively save, then do it passively by making the savings compulsory.
Whether you reach out to your company’s Human Resources contact or a representative at your bank, explore the best means of having payroll funds directed to a savings account.

The information contained in this article and any other article do not reflect the views of rapid! PayCard®. The opinions, conclusions and other information expressed are neither given nor endorsed by rapid! PayCard® or its representatives, but provided for the sole purpose of presenting updates on current research in this sector.

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